In an interesting gambit, a new record label is releasing a single song by an unknown Canadian artist for GBP 100, or roughly $200. Victorious Kiam is releasing on vinyl only 100 copies of “Somewhere There’s An Angel” by Thurston Revival, which apparently is the stage name of singer-songwriter Dan O’Connell.
What’s even more interesting is that 70 copies of the song were sold during the first day of its release. That’s around $14,000 right out of the gate for an unknown song by a little-known artist and the record company has already covered its costs. And apparently 10 different up-and-coming artists are recording covers for the song, ensuring at least some future revenue streams.
This is what you’d call a “premium” product, and is proof of sorts that premium-priced music can make money in an era of music give-aways and rampant file-sharing. That’s the goal of new label Victorious Kiam — to prove that music is art and has value. The company’s website explains:
…we felt compelled to make a statement with this one song. We believe that the idea of releasing Somewhere There’s An Angel with a GBP 100 price tag reiterates our sense that there is incredible value in this song.
The project is also designed to send out a message encouraging people to step back, for a moment, from all the white noise and realise that a stunning song and carefully-created piece of art can still have a value.
Even more interesting still is the corporate parent of the label, a premium music industry newsletter called Record of the Day. Record of the Day knows something about high-end premium products because the pub sells for GBP 164.50, or around $330, per year, at a time when the Internet is quickly corroding the business models of most premium publishers.
Cynthia Brumfield at 8:30 AM|Comments(0)
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